My First Big Sale

Posted on

June 29th, 2011


I can recall the first big sale I made as an agency producer.  This occurred just after my first anniversary as an agent.  I cannot divulge all the details, but I will say this sale produced my first five figure commission – which was an exciting feat for a young agent in the depressed Upstate NY market.  Today I wanted to share how this deal come to fruition.

  1. I called to prospect this husband and wife.  They had large existing life insurance policies with my agency that had been dormant for years.  I vaguely knew who they were, so I reached out.  They were open to a meeting to review their coverage.
  2. I visited them for an initial meeting.  We discussed their current policies and how the life market has changed.  I shared several stories of how I had recently improved coverage or cut costs for similar families.  They decided to think it over.
  3. I made several follow up calls and emails, and they eventually agreed to a second meeting where I could provide a comparison of their current coverages to what was likely achievable given quality ratings.
  4. We met and spoke for about an hour regarding how changes in mortality and changes in policy design had made opportunities like this possible.  I explained that as long as their health was excellent (it was) we should have no obstacles to a very positive result.  They were interested, but again wanted to think it over.
  5. I made a couple follow up calls and was able to reach the wife, who explained they would like to apply for the new policies.  I scheduled a meeting and requested that my staff prepare applications and the infinite forms required.
  6. We met to complete the applications, review the process of their medical exam, and several other details.  I then went back to the office that night to review the applications and make sure everything was complete and correct, and left them for my staff to submit.
  7. My team submitted the applications and I moved on to other things as we waited for the medical exams to be completed and the long underwriting process to mature.  Several weeks later, I received approval.
  8. I met with the client a last time to deliver the policies and collect the initial premium.  I was very excited that I was able to provide them with a great service, while earning significant compensation.  The gentleman offered me a beer, as we had now become close over these weeks, and I readily accepted.
  9. I passed along the final delivery forms and check to my team and went back to work, checking weekly for the arrival of the commission check.
  10. My agency received the commission and I was paid my prize.

This 10 step process took approximately 120 days start to finish.  A dozen calls, four meetings, infinite forms, and a great deal of patience.  I was obviously busy chasing other prospects throughout this time, so the time passed quickly.  However, in retrospect, this seems like an amazingly long sales cycle and massive time investment.

As you work to build your book of business, make sure that you clearly define your goals and the typical commission you will earn in your target market.  If your typical sale is reflected above, then you must be earning five figure commissions to make each sale worth your time investment.  If not, you will spin your wheels as you try to move forward.

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